About Fairview Commercial Lending
Fairview is a direct portfolio hard money lender focusing on providing short-term, 1st trust deed loans secured by Colorado, Florida, Georgia, and Chicago real estate. Fairview lends to business owners, real estate investors and developers only and does not make primary residence loans. Fairview was founded in 2004 by Lawrence Weinberg, a certified public accountant and real estate financier. Glen Weinberg co-founded Fairview and currently manages the day-to-day operations of the firm. Since its inception, Fairview has funded hundreds of small hard money loans in the geographic locations where it lends.
Fairview funds short-term loans from $50,000 to $2 million to business owners, developers and property investors looking to purchase, refinance or cash-out of non-owner occupied residential property, commercial property and land. Fairview’s concentration has always been on Colorado, Florida, Georgia, and Chicago small hard money loans and the company has differentiated itself through a number of unique program attributes outlined below.
Below are a sampling of reasons why a borrower would take out a loan from Fairview:
- The borrower needs to close quickly (most loans close in 5 to 10 days)
- The borrower has impaired credit, tax liens or judgments
- The borrower needs an asset based loan and cannot verify income
- The property is a vacant building or has below market rents
- The borrower needs to avoid or exit a foreclosure or bankruptcy
- Collateral is complex and requires a blanket or unique structure
- The borrower is a foreign national with no credit history
Hard Money Loan Program Highlights / Guidelines
A hard money loan is a short-term loan that usually assists in bridging a borrower from a less favorable situation to a more favorable situation. For example, a borrower may take out a bridge loan to pull cash-out of his property to pay off lingering debt and improve a low credit score, so he can refinance into a permanent loan. Real estate collateral is essential to Fairview’s program and borrowers without hard commercial real estate or investment residential real estate collateral are not eligible for financing.
Loan sizes from $50,000 to $2 million
- Loans secured by non-owner occupied residential real estate, multifamily, retail, office, industrial, vacant buildings, other commercial property, condominiums, nightly rentals, vacation rentals, ski property, agricultural property, land, special-purpose property, cannabis property and marijuana property (agricultural and retail)
- No set minimum credit score requirement
- Loan-to-value (LTV) up to 60%
- Interest rates are determined case-by-case
- No occupancy requirement or minimum debt-service coverage ratio
- Purchase, refinance and cash-out loans only
- 1st lien position loans only
- No upfront fees are charged
- 6 month to 10 year loan terms
- Flexible declining prepayment penalties
- Closings can occur in 5 to 10 days
- No appraisal report required
- Foreign national loans available
The Loan Process
LendVer did not shadow the application or loan process for Fairview but its website offers basic information about how to get started. Applicants are encouraged to fill out a short online application form, download and return a one-page PDF loan application, or to contact Fairview directly to start an application.
Fairview does not require an appraisal be paid for or completed. Because of its low leverage limit and familiarity with the markets where it lends, Fairview is able to formulate internal property valuations to save time and money for the borrower. Processing, underwriting, loan approval and loan servicing are all done in-house at Fairview, further contributing to its efficiency and ability to close in 5 to 10 days.
- Fairview focuses on small hard money loans which are often overlooked by other lenders.
- Fairview does not require an appraisal report be prepared or paid for which saves significant processing time and money.
- Fairview can fund from $50,000 to $2 million in 5 to 10 days.
- Unique loans are available for foreign nationals, land, ski property, cannabis property, marijuana property and agricultural property.
- Fairview has a great industry reputation, a 5-star Google rating and its principals have been lending directly since 1975.
- Foreclosure and bankruptcy bailout loans are available, as are loans to borrowers with troubled credit, tax liens and judgments.
- Fairview’s maximum LTV is 60% which eliminates many borrowers in need of higher leverage.
- Fairview only lends in Colorado, Georgia, Florida and Chicago so borrowers in other states cannot take advantage of its competitive programs.
- Loan sizes over $2 million are not considered, therefore Fairview is a better option for borrowers with smaller capital needs.
Why Fairview is the Best
Fairview has operated as a premier Colorado, Georgia, Florida and Chicago hard money lender since 2004 and has funded hundreds of loans. Fairview’s experience in the markets where it lends enables it to close loans in 5 to 10 days; no appraisal is required and all processing, underwriting and loan servicing is done in-house. Fairview offers small loan sizes from $50,000 to $2 million, providing capital to borrowers who are often ignored by other lenders. Fairview is one of the few hard money lenders funding cannabis and marijuana property loans.